EURUSD Retains Range Trading Beyond 1.1750 Level, Mild Rallies on Data Release

EURUSD Price Analysis – September 17

EURUSD has retained range trading beyond 1.1750 level after approaching the 1.1740/35 levels during the early trading hours. The mixed Eurozone inflation data struggled to move the shared currency, as EURUSD retained its range beyond the 1.1750 level, with mild rallies on data release.

Key Levels
Resistance Levels: 1.2011, 1.1965, 1.1852
Support Levels: 1.1750, 1.1685, 1.1422
EURUSD Long term Trend: Ranging
The pair is currently losing 0.18 percent at level 1.1795 and confronts the next support at level 1.1750 (monthly low) seconded by level 1.1709 and eventually level 1.1685. A breach beyond 1.1965 (high) level, on the other hand, may aim the 1.2011 level (2020 high Sep.1) heading to a high 1.2032 level.

In the wider sense, an increase from level 1.0635 is seen as the third step of the trend from level 1.0339 (low). The region resistance at 1.2555 level (38.2 percent retracement of 1.0635 to 1.0339 at 1.2516 levels) may see a further rally increase. This will persist in the optimal scenario for as long as the resistance level of 1.1422 turned support stays.
EURUSD Short term Trend: Ranging
The breach of the 1.1750 support level by EURUSD signals a recovery of the decline from the level of 1.2011 and shifts the intraday bias back to the downside. More significantly, ongoing trading beneath the level of 1.1750 may validate the progression of a head and shoulder peak in 4 hours RSI on a bearish divergence.

A sharper decrease can then be seen at 1.1422 level to 38.2 percent retracement from 1.0635 to 1.2011 levels, to resolve the increase from 1.0635 level. As of now, in the event of recovery, the risk may linger on the downside as long as the resistance level of 1.1916 persists.

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